Part of private equity: managing hundreds of billions of funds, but "failing" in initial public offerings.

Without independent and rigorous valuation deduction, there is only blind markup based on underwriter reports; without checks and balances in collective decision-making, there is only disjointed logic, actual quotes conflicting with meeting minutes... Recently, the China Securities Industry Association has disclosed some illegal behaviors of private equity funds in IPO subscriptions. According to statistics, since 2025, more than 5 billion-dollar private equity funds have been named for illegal IPO subscriptions. Industry insiders believe that investors in offline subscriptions bear the social responsibility of pricing new shares reasonably. With the continuous optimization of the IPO issuance system, private equity funds with a sense of luck will inevitably face increasingly severe punishment. In the future, private equity funds should pay high attention to the compliance of each link in IPO subscriptions, clarify the division of rights and responsibilities in quoting, decision-making, and risk control, and establish a collective decision-making mechanism. At the same time, translate institutional requirements into daily operating norms for each position, create traceable decision-making records, and ensure personnel and information isolation.